Palisades Gold Radio · Friday, July 17, 2026
Rory Johnston notes that despite the ongoing conflict in the Middle East, the oil market experienced a brief period of oversupply in late June and early July. This was due to a surge in shipping traffic out of the Strait of Hormuz, coinciding with weak demand from Asia, particularly China.
“Absolutely I think we've we've been in for the last couple weeks where we legitimately had a a surplus a mini glut this is kind of the the vogue term in oil markets for a little while where we were procing a mini glut as post M O U you saw a surge of shipping traffic out of the straits of Hormuz on many days you saw more than 20 million barrels clear Hormuz which was pre-war levels and then some”
“so as you had that surge of supply hit that weak demand market you actually flipped the market shockingly given that we were four months into Hormuz's closure and we're like a billion plus barrels down in global stocks you actually had the moment market briefly flipped back into oversupply”